February, 22, 2024
Stock Soar, Rupee Weakens: Market Highlights

Stock Soar, Rupee Weakens: Market Highlights

Infostani Sources- Positive sentiments prevailed in the stock market on Wednesday as a result of the agreement with the IMF, heightened investments in local and foreign sectors such as banking, refinery, telecom, oil and gas, and insurance. The stock exchange witnessed a continuous rise, marking a historic high level of 63,500 points in the index for the first time. The 100 index concluded at 63,917.72, reflecting a notable increase of 961.70 points by the end of the trading session. This surge in the market contributed to a substantial gain of one trillion and 13 billion rupees in the value of shares.

Simultaneously, the rupee experienced a persistent weakening trend against the dollar on Wednesday, reaching 285. This led to a four-week low in the interbank rate of the dollar. Also, the open rate declined to the level of 284 rupees, concluding at Rs 14 paise. The closing value of the dollar in the open currency market was Rs 285, indicating a decrease of 25 paise.

In addition to the currency dynamics. The local bullion markets witnessed a decrease in the price of 24-carat gold per tola. Dropping by Rs.1300 to Rs.100,182 on Tuesday. Similarly, the price of gold per ten grams decreased by Rs.1114, settling at Rs.186,986.